Cooper Tire & Rubber Company (NYSE: CTB) today issued the following statement regarding the status of financial and operational data entry at its Cooper Chengshan (Shandong) Tire (CCT) joint venture facility in Rongcheng, China.
“Cooper has continued to work with the joint venture partner and labor union at CCT to restore normal operations as soon as possible. Last week, CCT began to ramp up production of Cooper brand tires. We have now received word that CCT will begin the process of entering past and current financial and operational data into company computer systems. Cooper will monitor the data entry to assure that it is taking place properly and that it will continue without interruption. While this represents a positive step toward Cooper restoring regular financial reporting, the company continues to work with the labor union and joint venture partner to resolve open issues on a long-term basis. Therefore, at this time, it is premature for Cooper to determine when it will resume regular financial reporting.”
About Cooper Tire & Rubber Company
Cooper Tire & Rubber Company is the parent company of a global family of companies that specialize in the design, manufacture, marketing, and sales of passenger car and light truck tires. Cooper has joint ventures, affiliates and subsidiaries that also specialize in medium truck, motorcycle and racing tires. Cooper's headquarters is in Findlay, Ohio, with manufacturing, sales, distribution, technical and design facilities within its family of companies located in 11 countries around the world. For more information on Cooper Tire, visit www.coopertire.com, www.facebook.com/coopertire or www.twitter.com/coopertire.FORWARD-LOOKING STATEMENTS This document contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements are not based on historical facts but instead reflect Cooper’s expectations, estimates or projections concerning future results or events. These statements generally can be identified by the use of forward-looking words or phrases such as “believe,” “expect,” “anticipate,” “project,” “may,” “could,” “intend,” “intent,” “belief,” “estimate,” “plan,” “likely,” “will,” “should” or similar words or phrases. These statements are not guarantees of performance and are inherently subject to known and unknown risks, uncertainties and assumptions that are difficult to predict and could cause our actual results, performance or achievements to differ materially from those expressed or indicated by those statements. We cannot assure you that any of our expectations, estimates or projections will be achieved.